Fourth Quarter 2025 Financial Results This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's 2026 financial framework, including up to ten percent revenue growth and further cost reductions in 2026; Moderna's year-end cash balance; Moderna's multi-year revenue growth strategy; Moderna's expectations regarding durable growth supported by strategic agreements and global approvals; M ...

Core Viewpoint - Moderna continues to target a 10% revenue growth for the year, indicating a positive outlook despite recent financial performance [1] Financial Performance - The company's fourth-quarter loss has narrowed compared to the same period last year, suggesting improvements in financial health [1]

Core Insights - Moderna reported a fourth-quarter loss of $2.11 per share, indicating financial challenges for the company [1] - The company's revenue for the quarter was $678 million, reflecting a significant decline compared to previous periods [1] Financial Performance - The reported loss of $2.11 per share highlights the company's struggle to maintain profitability [1] - Revenue of $678 million suggests a downturn in sales, which may impact future growth prospects [1]

Core Insights - Moderna reported fourth-quarter revenue of $678 million, exceeding Wall Street estimates of $626.1 million, driven by better-than-expected sales of its COVID-19 vaccine in the U.S. [1] - The company is facing financial challenges as demand for COVID vaccines has declined significantly since the pandemic peak, prompting efforts to develop new products to sustain revenue and demonstrate the long-term viability of its mRNA technology [1] - Moderna reiterated its expectation of achieving 10% revenue growth by 2026 [1]

Revenue Expectations - Moderna expects approximately $1.9 billion in revenue for the fiscal year ended December 31, 2025[4] Operating Expenses - The company anticipates GAAP operating expenses of $5.0 - $5.2 billion for the fiscal year ended December 31, 2025[4] Financial Position - Moderna's expected cash, cash equivalents, and investments in marketable securities as of December 31, 2025, is approximately $8.1 billion[4]

Core Insights - The company reported fourth quarter revenue of $0.7 billion, with a GAAP net loss of $(0.8) billion and a GAAP EPS of $(2.11) [1] - For the full year, revenue was $1.9 billion, with a GAAP net loss of $(2.8) billion and a GAAP diluted EPS of $(7.26) [1] - The company reiterated its plan to achieve up to 10% revenue growth and reduce GAAP operating expenses by 2026 [1] Regulatory and Clinical Updates - The company announced that its influenza vaccine filing has been accepted for regulatory review in the EU, Canada, and Australia; however, it received a Refusal-to-File letter from the U.S. FDA and has requested a Type A meeting to clarify the path forward [1] - The Norovirus Phase 3 trial is fully enrolled, with data readout expected in 2026 [1] - Full enrollment of the Phase 2 intismeran autogene trial in muscle invasive bladder cancer has been achieved [1] Business Developments - In 2025, the company focused on sharpening its commercial execution, launched its third product, and brought online three international manufacturing sites while advancing its mRNA pipeline [1]

Core Viewpoint - Moderna Inc. is facing significant challenges, particularly with its mRNA flu vaccine, which has impacted its financial outlook and stock performance [2][5]. Financial Performance - Analysts predict an earnings per share (EPS) loss of $2.60 for the upcoming quarterly earnings, with projected revenue of $624 million [1][6]. - The company has a negative P/E ratio of -5.07, indicating current earnings struggles, while its price-to-sales ratio of 7.13 suggests investor confidence in its sales potential [3]. - Moderna's enterprise value to sales ratio stands at 6.95, reflecting a valuation perspective that still sees potential in the company's sales capabilities [3]. Financial Health - Moderna exhibits a low debt-to-equity ratio of 0.079, indicating conservative debt usage [4][6]. - The company has a strong current ratio of 3.93, suggesting good short-term financial health and the ability to cover current liabilities with assets [4][6]. - However, the negative earnings yield of -19.72% highlights ongoing profitability challenges [4]. Regulatory Challenges - The FDA's refusal to review Moderna's application for its new mRNA flu vaccine has resulted in a nearly 10% drop in the company's stock [2][6]. - Despite the FDA's decision, no safety or efficacy issues were raised, and Moderna is actively seeking a Type A meeting to address the concerns related to trial design [2]. Strategic Initiatives - Moderna is continuing its vaccine development efforts and is seeking approvals in the European Union, Canada, and Australia [5].

Core Viewpoint - The U.S. Food and Drug Administration (FDA) has declined to review Moderna's application for a new flu vaccine utilizing mRNA technology, which was awarded a Nobel Prize [1] Group 1: Company Impact - Moderna's application for a flu vaccine based on mRNA technology has been rejected by the FDA, which may hinder the company's expansion into the flu vaccine market [1] - The refusal from the FDA could impact Moderna's stock performance and investor sentiment, as the company seeks to diversify its vaccine portfolio beyond COVID-19 [1] Group 2: Industry Implications - The decision by the FDA raises questions about the regulatory landscape for mRNA vaccines in the broader vaccine industry, potentially affecting other companies exploring similar technologies [1] - The rejection may slow down the adoption of mRNA technology in flu vaccines, which could have implications for public health strategies and vaccine development timelines [1]

Group 1 - The head of the agency's vaccine division, Vinay Prasad, has made a decision that overrides objections from career staffers [1]

Core Viewpoint - The company maintains an Equal Weight stance on Deutsche Börse AG (DBOEY) following the Q3 earnings release, indicating a neutral outlook on the stock's performance [1]. Group 1: Earnings and Financial Impact - The potential acquisition of Allfunds could positively impact earnings, suggesting a potential for growth in profitability [1]. Group 2: Analyst Position - The analyst has no current stock, option, or derivative positions in any of the companies mentioned, nor plans to initiate any such positions within the next 72 hours [2].